According to a market research report "Influencer Marketing Platform Market by Component, Application (Search andDiscovery, Campaign Management, Influencer Relationship Management, andAnalytics and Reporting), Organization Size, End User, and Region - GlobalForecast to 2025", published by MarketsandMarkets, the globalInfluencer Marketing Platform Market size to grow from USD 6.0billion in 2020 to USD 24.1 billion by 2025, at a CompoundAnnual Growth Rate (CAGR) of 32.0% during the forecast period. Various factors,such as the customers' shift toward video-based content across the OTT spaceand an increase in the adoption of ad-blocking software are expected to drivethe adoption of the Influencer Marketing Platform Market.
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COVID-19 has shocked the entire world. Many businesses arefighting to survive and are using different marketing strategies to recover theloss. As per the Global Web Index survey, over 80% of consumers in the US andUK say they've consumed more content during COVID-19. This has posed a goodopportunity for brands and influencers to engage with their audiences withimpactful messaging. The importance of influencer marketing as a core marketingstrategy has grown during the COVID-19 crisis. Companies must continue todepend on influencers to act as their spokespeople and execute their messagingin a trustworthy and human way. The effects of COVID-19 will be long-term, andas a result, marketing strategies must be revised to suit the new environmentin which smaller and larger companies are surviving currently. Through thepersonal views and support of followers, influencers will continue to shape theconversations occurring in the post-lockdown world.
The solution segment to hold a larger market size during the forecast period
The Influencer Marketing Platform Market, by component, has been segmented intosolutions and services. The solution segment is expected to grow rapidly in thecoming years in the Influencer Marketing Platform Market as influencermarketing is increasingly becoming a necessity for marketers. Collaboratingwith influencers can help create online buzz about the company's brand. Inaddition, it can strengthen the brands reputation, improve audience engagement,and increase conversions.
The health and wellness end-user segment to hold higher CAGR during theforecast period
The Influencer Marketing Platform Market by end-user has been segmented intofashion and lifestyle, agencies and PR, retail and consumer goods, health andwellness, ad-tech, banking and finance, travel and tourism, and other end users(gaming and pet care). The health and wellness end-user segment is expected tohold higher CAGR during the forecast period in the Influencer MarketingPlatform Market. Health and wellness brands have seen better results frominfluencer marketing when partnering with influencers on a long-term basis.This mindset shift sees influencers act like creative partners rather than paidsponsors. Health and wellness brands opting for niche influencers attract ahyper-targeted, mobilized audience, which serves as an important factor for thegrowth of influencer marketing solution in the health and wellness end usersegment.
Among applications, the influencer relationship management segment to growat a higher CAGR during the forecast period
The application segment of the Influencer Marketing Platform Market includessearch and discovery, campaign management, influencer relationship management,analytics and reporting, compliance and fraud detection, and other applications(workflow automation and time management, and third-party integration).Organizations work with various social media personalities to promote theirbrands through influencers' social media accounts. This enhances brandawareness, customer reach, and brand value among the followers of influencers.Influencers play a vital role while conducting influencer marketing campaignsleading to the growth of influencer relationship management application.
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North America to hold the largestmarket size during the forecast period
North America is expected to have at thelargest market size during the forecast period. The continuous adoption ofinfluencer marketing platform solution and services across all the major endusers is expected to drive the market growth in NorthAmerica. The governments in North America arefocusing and investing substantially in AI and ML technologies, while they arealso reaping the benefits of influencer marketing platforms in the US and Canada.
APAC is projected to grow at the highest CAGR during the forecast period due tothe rising number of social media users in the region. The influencer markethas increased in APAC due to the growing population and the fact that APAC is amobile-first region. With its youthful demos and an increase in use and speedof social platforms, Asia has becomethe perfect environment for influencer marketing leading to the growth of theInfluencer Marketing Platform Market in APAC.
Major vendors in the global Influencer MarketingPlatform Market include IZEA Worldwide (US), Quotient Technology Inc.(US), Launchmetrics (US), JuliusWorks, Inc. (US), Traackr, Inc. (US), UpfluenceInc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech,Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social BeatDigital Marketing LLP (India), ExpertVoice Inc.(US), Lefty (France), Lumanu Inc. (US),InfluencerDB (Germany), Taggermedia (US), Heepsy(Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads,Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).
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